Tuscan Inc. had a retained earnings balance of $60,000 at December 31, 2018. During the year, Tuscan had the following selected transactions.
a. Reported net income of $100,000.
b. Revised an estimate of a machine’s salvage value.
c. Depreciation increased by $1,000 per year. An error was discovered.
d. Three years ago, a purchase of a building was incorrectly expensed.
e. The effect is understated retained earnings of $12,000 (net of tax benefit).
f. Paid cash dividends of $33,000.
Required:
Calculate the retained earnings balance at December 31, 2019.
Answers: 3
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Tuscan Inc. had a retained earnings balance of $60,000 at December 31, 2018. During the year, Tuscan...
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